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Wednesday, January 14, 2015

Grossed Out

News summary by MFWire's editors

To say that Bill Gross has dominated a significant portion of financial media coverage over the past few months may be an understatement. Just as his rise was the quintessential example of the power of having a star PM, his fall may be the quintessential cautionary tale against having star PMs.

In a letter to Gross, posted like an article, RIABiz chief Brooke Southall calls on Janus' [profile] famed bond fund PM to reduce, and tone down, his media appearances. RIABiz sounds Grossed out, and the trade publication argues that all the publicity isn't really helping Gross any more either.

Once upon a time, the trade pub writes, every time Gross spoke to the media he soared even higher. Yet now, the trade pub implies, Gross' continuous doomsaying sounds more like repeated "the end is nigh" protestations; all things eventually end, but repeatedly saying so until you're eventually right isn't prediction. And continuing to talk, even complain, about his departure from Pimco [profile] doesn't help, either.

"We are looking for signs that you have moved on, not signs that you are still fighting this battle internally and obsessing about what brought about such a monumental insurrection," RIABiz writes. "If you need to vent, vent to a designated absorber of such expostulation, namely a trained counselor, wife, friend, rabbi or priest."

RIABiz acknowledges that Gross' media overexposure was a two-way street, with the entirety of the business and financial press feeding it. (The trade pub also notes Gross hasn't given it "the time of day.") As many other fundsters complain, there are hosts of other bond PMs out there, good ones, who don't get a fraction of Gross' exposure. Maybe it's time to find the new contenders for the bond king throne. 

Edited by: Neil Anderson, Managing Editor

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